Korean food prices on steady rise due to cold spell: OECD

By Lim Chang-won Posted : June 4, 2018, 13:17 Updated : June 4, 2018, 13:17

[Yonhap Photo]

SEOUL -- South Korea's inflation rates have been mild, but food prices have seen a steady increase this year mainly due to an unseasonably cold weather, according to the Organisation for Economic Cooperation and Development (OECD).

South Korean food prices rose 2.9 percent on-year in April, ranking 10th highest among OECD member economies, the Paris-based club said in a recent report.

OECD said that prices started to rise sharply in February due to the sudden cold spell that affected the output of fresh produce, with numbers being rocked by rises in staple grain prices in the following month. The rise in food prices in April was attributed to a 76.9 percent spike in prices of potato which was the highest since an 85.8 percent rise in March 2004.

Data from Statistics Korea, a government agency, showed consumer prices in May moved up 1.5 percent from a year ago, compared to 1.6 percent the previous month, while food prices rose 2.5 percent in May.

This story was contributed by Jazin Wee, an editorial assistant.
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